Hong Kong Government to list US$1 billion Sukuk on Nasdaq Dubai
The Government of Hong Kong has announced plans to list its first successful offering of US$1 billion (AED3.68 billion) Sukuk on Nasdaq Dubai as part of its Government Bond Programme. Commissioned with the implementing the initiative of transforming Dubai into a capital of Islamic finance, Dubai Crown Prince and Chairman of the Executive Council Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum welcomed the decision to list the Hong Kong sukuk on Nasdaq Dubai.
"Choosing Nasdaq Dubai as a platform to list the world's first USD Sukuk issued by a AAA-rated government falls in line with the initiative launched by Vice President, Prime Minister and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum to position Dubai as the centre of Islamic Economy," Sheikh Hamdan said.
The Dubai Crown Prince welcomed the successful launch of the sukuk, "We are also pleased to have worked with Hong Kong on this important issue and delighted that it has attracted such strong demand. We look forward to closer working relations with Hong Kong in developing global Islamic financial products," Sheikh Hamdan added.
The step further highlights Dubai as one of the most important platforms for trading Shariah-compliant financial products and a testament to the success of the strategy the emirate has formulated.
The success of the sukuk was preceded a global roadshow covering Riyadh, Dubai, Abu Dhabi, Doha, Kuala Lumpur, Hong Kong, Singapore, London and New York. The Sukuk was oversubscribed and saw strong demand from global investors, attracting almost US$5 billion, allowing final pricing to tighten from the original price.
